FORD Finance

[joeb427]

No low interest loan incentives on the Ranger as of yesterday.

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[HighFivenWhiteGuy]

I noticed that some dealers are starting to offer discounts on the Ranger, ranging from $500 to $1000 here in Washington. Hopefully this means financing incentives aren't far behind!

 

[PotatoRanger]

I'm following this post. Definitely leaning towards leasing something (Lariet Ranger is ideal, maybe a Ram 1500, maybe a new 2020 Bronco?) at the end of the year after my Explorer is paid off. My goal is to lease for 36 months and by that time I should have a chunk of my student loans paid off allowing me to put extra money towards a car payment. Then I could think about financing it at the end to buy or trade it back in if it's a turd or there's a better model out or vehicle. The choices! I just hope there's incentives for leasing around the holidays.

 

[Pat McGrath]

I just got approved through my credit union for 84 months @ 4.6. What do you guys think?

 

[j0shm1lls]

Bank of America did 3.74% for 72 months for me. I'll have it paid off long before then though.

I'm an existing customer with them so I figured I'd give it a shot prior to going in to the dealer and give the dealer a chance to beat it. They couldn't even come close.

 

[Monty]

I just got approved through my credit union for 84 months @ 4.6. What do you guys think?

For 84 months, that's a good rate!
Congrats!

 

[SRAces]

I just got approved through my credit union for 84 months @ 4.6. What do you guys think?

That's probably a good rate based on everything else I have seen. Usually the shorter finance terms will get you a lower rate as the risk for the lender isn't as great as far as depreciation. If you put down a large down payment to reduce the loan amount in regards to the price of the vehicle, that can help reduce the interest rate as well as a direct payment out of you checking account if you bank at that institution. After all that, your credit rating is still an important factor for the lender.

Will probably put $15K down on my Ranger to get the load amount down. Our other 2 vehicles are paid for. The goal was to pay the new Ranger off before I retire in about 3 years.

 

[rangerdanger]

When they ran my credit Ford’s interest rate was 7% over 60 months. The sales manager said maybe later in the year they would be more competitive, but right now Ranger’s are selling even without discounted interest rates.

Thank god I was preapproved at 3.24% for 60 months.

 

[Monty]

So you know, the dealership should do their homework and shop around their go-to credit institutions. Ford will ALWAYS be higher. The going rate for a credit rating of 750 should be around 3.5% @72 months. Make the dealership work for their commission

 

[C.moore01]

That's a lot of interest, Hope your truck is a keeper at 84 months, Dealers will soon be offering Mortgages on their vehicles.
I have learned the hard way, don't buy anything I cannot pay off in three years despite the length of the loans

I’ve always felt that way but trucks typically hold there value better than most other vehicles do .. I went 84 months because I can always pay extra but you never know what life may throw your way so I like the flexibility of a lower payment .. I done 3.9 @ 84 .. my credit union who I’ve dealt with for 10 years told me rates would be going up from current trends

 

[rangerdanger]

I ended up getting 3.24% for 60 months through my credit union. I also put enough down that my payments are still affordable.

 

[Ford2transit]

me too I ended up getting 3.24% for 60 months through my credit union. I also put enough down that my payments are still affordable.

 

[berlow94]

Am I the only one who thinks y’all are crazy for paying interest at all?

 

[Racket]

Just found this post, when I bought my Ranger in September 2019 Ford was offering incentives AND 0% interest.

I got offers from the dealer last week to pay off my loan, give me cash and get a new car from them with 0% interest again - but factoring what I put down plus the hit for depreciation at this point - not to mention I'm happy with my truck and don't see a replacement that fits my needs - I'm just gonna keep what I have. If Ford Finance needed revenue they'd discount the balance on my loan greater than the interest I'm earning on the account I'm paying out of.

 

[Dr. Zaius]

Am I the only one who thinks y’all are crazy for paying interest at all?

It all depends on the deal.

In some cases you can only get 0 interest if you are willing to pay more than the cash price or waive some incentives, which can make the 0% interest not such a great deal.

If you can get 0 interest in conjunction with the cash price/incentives, then 0 interest is the better deal since you retain your cash and can put it somewhere that will certainly return more than 0% interest.

Paying no interest is ideal, but if I can finance a vehicle at a rate lower than what I can get in a return on my money, I'll finance at least part of it.

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